Schaeffler shrugs off cartel fine as €2bn HY furthers recovery

Schaeffler
By Jon Hay
08 May 2014

Schaeffler returned to the bond market this week, for the first time since Moody’s and Standard & Poor’s upgraded the industrial bearings maker in September, after it managed to sell €950m of its stake in tyre producer Continental.

Schaeffler has also had bad news recently — it was fined €370.5m by European competition authorities in March for participating in a ball bearing cartel. The bond issue was partly to pay that fine.

But it was clear investors were looking on the bright side. Demand for the ...

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